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Dec 27, 2012 6:00pm PST
"fiscal cliff" crisis. it's coming down to the wire only five days until we tumble over that cliff. as cbs reporter danielle nottingham says progress is slow. president obama cut short his holiday vacation and returned to the white house to work on a deal to avoid the "fiscal cliff." before flying home from hawaii, the president called congressional leaders nancy pelosi, john boehner, mitch mcconnell and harry reid to reach agreements before tax hikes and spending cuts kick in january 1. >> we have been asking the president and the democrats to work with us on a bipartisan agreement for months. >> i don't know time wise how it can happen now. >> reporter: the senate majority leader wants house republicans to return from their vacations to approve a democratic senate plan that extends tax cuts for families making less than $250,000 a year. >> that's the only option that is viable escape route. >> reporter: but republican leaders say it's up to democrats who control the senate and white house to avert the "fiscal cliff." >> republicans aren't about to write a blank check for anything sen
Dec 31, 2012 6:00pm PST
on how to avoid the "fiscal cliff." the news comes just three hours before the new year's deadline. cbs 5 reporter grace lee on where it all stands now. grace. >> reporter: late developments brian. this all coming together in the last several minutes. what we have just learned is that the senate will be voting tonight before midnight. that's the deadline and you can see we have a live look at the u.s. capital as of right now. we are also just hearing that the vice president is headed right here to the capital to brief senate democrats on the details of the deal that they will be voting on toinght. for individuals making more than 400,000 or households more than $450,000, their tax rates are expected to go up next year. for two million jobless americans, their unemployment benefits should be extended at least another year. and that so-called inheritance tax will go from 35 to 40%. but even with all these compromises, it is likely that most of us will be shelling out more cash to the irs come next year. >> you know, keep in mind that just last month republicans in congress said they
Dec 26, 2012 6:00pm PST
next week because of the "fiscal cliff." if you are on extended unemployment, those checks could also disappear by next friday. with no deal in congress, the jobless benefits end. and for those depend on the on those extend and unemployment checks on a weekly basis, right now will be the time to ration food since it's still not certain that there are benefits coming next week. and for those trying to plan ahead for anyone about to pass, the inheritance cast could shoot up to 50% if we go over the cliff. and not to mention the stock market, we all know that investors do not like uncertainty. so really hitting us from all sides. >> it's like we have one foot over the cliff already. >>> did you give thought to the "fiscal cliff" when doing your christmas shopping? many americans did because cbs 5 reporter mike sugerman tells us retail numbers weren't good. >> reporter: i'm at union square which is mobbed. it's swinging. i spent the day here and it didn't get active until a couple of hours ago and as i look around, i don't see a lot of people with bags. i'm not sure they're shopping. but
Search Results 0 to 2 of about 3